UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4 )*
-------------------
Salem Communications Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Class A Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
794093104
---------------------------------------------
(CUSIP Number)
December 31, 2004
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10 Pages
13G
CUSIP No. 794093104
------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Columbia Wanger Asset Management, L.P. 04-3519872
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
None
SHARES ----- ----------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
2,216,000
OWNED BY
----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,216,000
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,216,000
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not Applicable [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.9%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IA
--------------------------------------------------------------------------------
Page 2 of 10 Pages
13G
CUSIP No. 794093104
------------------------
------- ------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WAM Acquisition GP, Inc.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
None
SHARES ----- ----------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
2,216,000
OWNED BY
----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,216,000
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,216,000
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not Applicable [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.9%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
Page 3 of 10 Pages
13G
CUSIP No. 794093104
------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Columbia Acorn Trust
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
None
SHARES ----- ----------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
1,584,100
OWNED BY
----- ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING None
PERSON WITH ----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,584,100
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,584,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not Applicable [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.8%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IV
--------------------------------------------------------------------------------
Page 4 of 10 Pages
Item 1(a) Name of Issuer:
Salem Communications Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
4880 Santa Rosa Road
Camarillo, California 93012
Item 2(a) Name of Person Filing:
Columbia Wanger Asset Management, L.P.
("WAM")
WAM Acquisition GP, Inc., the general
partner of WAM ("WAM GP")
Columbia Acorn Trust ("Acorn")
Item 2(b) Address of Principal Business Office:
WAM, WAM GP and Acorn are all located at:
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606
Item 2(c) Citizenship:
WAM is a Delaware limited partnership; WAM
GP is a Delaware corporation; and Acorn is a
Massachusetts business trust.
Item 2(d) Title of Class of Securities:
Class A Common Stock
Item 2(e) CUSIP Number:
794093104
Item 3 Type of Person:
(d) Acorn is an Investment Company under
section 8 of the Investment
Company Act.
(e) WAM is an Investment Adviser
registered under section 203 of the
Investment Advisers Act of 1940;
WAM GP is the General Partner of the
Investment Adviser.
Page 5 of 10 Pages
Item 4 Ownership (at December 31, 2004):
(a) Amount owned "beneficially" within
the meaning of rule 13d-3:
2,216,000
(b) Percent of class:
10.9% (based on 20,369,642 shares
outstanding as of November 3, 2004).
(c) Number of shares as to which such
person has:
(i) sole power to vote or
to direct the vote: none
(ii) shared power to vote or
to direct the vote:
2,216,000
(iii) sole power to dispose or
to direct the disposition
of: none
(iv) shared power to dispose
or to direct disposition
of: 2,216,000
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of
Another Person:
The shares reported herein have been
acquired on behalf of discretionary clients
of WAM, including Acorn. Persons other than
WAM and WAM GP are entitled to receive all
dividends from, and proceeds from the sale
of, those shares. Acorn is the only such
person known to be entitled to all dividends
from, and all proceeds from the sale of,
shares reported herein to the extent of more
than 5% of the class.
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the
Parent Holding Company:
Not Applicable
Item 8 Identification and Classification of Members of
the Group:
Not Applicable
Item 9 Notice of Dissolution of Group:
Not Applicable
Page 6 of 10 Pages
Item 10 Certification:
By signing below I certify that, to the best
of my knowledge and belief, the securities referred
to above were acquired and are held in the ordinary
course of business and were not acquired and are not
held for the purpose of or with the effect of
changing or influencing the control of the issuer of
the securities and were not acquired and are not held
in connection with or as a participant in any
transaction having that purpose or effect.
Page 7 of 10 Pages
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: January 10, 2005
The undersigned corporation, on the date above
written, agrees and consents to the joint filing on
its behalf of this Schedule 13G in connection with
its beneficial ownership of the security reported
herein.
WAM Acquisition GP, Inc.
for itself and as general partner of
COLUMBIA WANGER ASSET MANAGEMENT, L.P.
By: /s/ Bruce H. Lauer
-----------------------------------------
Bruce H. Lauer
Senior Vice President and Secretary
The undersigned trust, on the date above written,
agrees and consents to the joint filing on its behalf
of this Schedule 13G in connection with its
beneficial ownership of the security reported herein.
COLUMBIA ACORN TRUST
By: /s/ Bruce H. Lauer
-----------------------------------------
Bruce H. Lauer
Vice President, Treasurer and
Secretary
Page 8 of 10 Pages
Exhibit Index
Exhibit 1 Joint Filing Agreement dated as of
January 10, 2005 by and among Columbia
Wanger Asset Management, L.P., WAM
Acquisition GP, Inc. and Columbia Acorn
Trust.
Page 9 of 10 Pages
EXHIBIT 1
JOINT FILING AGREEMENT
The undersigned hereby agree to the joint filing of the Schedule 13G to
which this Agreement is attached.
Dated: January 10, 2005
WAM Acquisition GP, Inc.
for itself and as general partner of
COLUMBIA WANGER ASSET MANAGEMENT, L.P.
By: /s/ Bruce H. Lauer
-----------------------------------------
Bruce H. Lauer
Senior Vice President and Secretary
COLUMBIA ACORN TRUST
By: /s/ Bruce H. Lauer
-----------------------------------------
Bruce H. Lauer
Vice President, Treasurer and
Secretary
Page 10 of 10 Pages